Beyond the GAAP no.163 - February 2022
While February 2022 has seen limited dramatic events on the corporate reporting front, the situation in Ukraine today provides a shocking and frightening contrast. Although the situation is evolving rapidly, companies closing their accounts after 24 February should start thinking now about the impacts of these events and the first sanctions imposed on Russia. For those whose reporting period ended before 24 February, but who have not yet cleared their financial statements for publication, it may be necessary in some cases to record a non-adjusting post balance sheet event.
In this month's regulatory news, progress continues to be made towards the development of sustainability reporting standards. The IFRS Foundation announced that it will use the opportunities provided by its Constitution to enable the ISSB to issue its first two standards by the end of the year. EFRAG continues its transformation, while the PTF-ESRS has shared four new discussion papers on future European sustainability reporting standards. Further discussion papers will be published as soon as they are ready, and a public consultation will be launched in late April or early May, once the official exposure drafts are available.
